Nasdaq Restores NEXGEL to Compliance After Stock Closes Above $1 for 10 Days
Key Facts
NEXGEL regained compliance with Nasdaq’s minimum bid price requirement after its stock closed at $1 or more for 10 consecutive business days, according to the standard cited by the company in its filing. The closing prices ended the bid-price deficiency Nasdaq had notified the company about after the price remained below the required threshold for 30 consecutive business days. The exchange had given NEXGEL an initial 180 calendar-day period, which ended on October 19, 2026, to address the violation. Nasdaq Capital Market rules require a price of at least $1 per share. Exchange rules say regaining compliance generally requires a close at $1.00 or more for 10 consecutive business days. Shares continued to trade on the Nasdaq Capital Market under the ticker NXGL during the notification period.
To achieve that, the company carried out a 1-for-20 reverse stock split, and split-adjusted trading began on October 12. NEXGEL said the move was intended to increase the share price to help regain compliance with Nasdaq’s $1.00 requirement. At a special meeting held on September 23, shareholders had authorized the board to choose a reverse split ratio ranging from 2-for-1 to 20-for-1. The board later selected the maximum ratio, or 1-for-20. After the split took effect, the company confirmed that the stock would continue to be listed and trade on the Nasdaq Capital Market under the ticker NXGL, with its “CUSIP” identification number changing.
EL7 closing-price data show a mixed move after split-adjusted trading began: the stock closed at $5.33 on October 20, then $5.28 on October 21 and $4.76 on October 22. The close rose to $5.03 on October 23, before falling to $3.96 on October 26. This sequence corrects a figure in the earlier version of the report: $4.76 was the October 22 close, not the highest price recorded during the October 26 session. Available closing-price data do not include the session high for October 26. These prices reflect closing levels on the specified days, while Nasdaq’s notification concerns meeting the bid-price condition over the 10 consecutive-day period.
Before the split, the company had said Nasdaq would confirm that compliance had been restored if the closing bid price reached $1 or more for at least 10 consecutive business days within the deadline. NEXGEL said at the time that it might consider options to address the deficiency, including a reverse stock split, while cautioning that there was no guarantee compliance would be restored. Shareholders later authorized the board to choose the split ratio, and the selected 1-for-20 ratio was then implemented. The compliance-restoration notification closes the minimum bid-price matter under the specified condition, while closing prices recorded afterward show a decline from $5.03 on October 23 to $3.96 on October 26. The available information did not include details on market expectations or the reasons for the stock’s moves.